International Business & Economy Budget 2020: Greater re-skilling support for people in their 40s, 50s and...

Budget 2020: Greater re-skilling support for people in their 40s, 50s and beyond

The finance minister announced that they would launch a new SkillsFuture Mid-Career Support Package for veteran employees

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Singapore—One of the things announced by Deputy Prime Minister Heng Swee Keat in rolling out this year’s national Budget is greater support for Singaporeans who are now in their 40s, 50s, and even older.

Gone are the days, he said, when one could stay in the same career or job all their lives. Today, retraining and re-skilling for older workers is more important than ever.

Support must be given, Mr Heng said, for older workers to further their careers with confidence. Quoting a Chinese proverb, he said,  “You are never too old to learn.”

For mid-career workers currently in their 40s and 50s, we will launch a new SkillsFuture Mid-Career Support Package.”

This is in addition to the new SkillsFuture Enterprise Credit, as well as the expansion of the Productivity Solutions Grant to include support for pre-approved job redesign consultancy services.

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Mr Heng announced a one-off SkillsFuture Credit top-up of $500 for every Singaporean aged 25 years and older. -/TISG

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